Natixis Funds: Gateway Fund Information

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Gateway Fund

Fund objective

Gateway Fund seeks to capture a substantial portion of the long-term total return potential of equities, while limiting portfolio volatility to a level similar to that of long-term bonds.

Fund highlights

A hedged equity portfolio that seeks to generate better risk-adjusted returns than "long-only" equities or core fixed-income funds.
The fund seeks to generate cash flow by selling index calls against a diversified equity portfolio while purchasing protective index puts to help reduce downside exposure.
Historically has outpaced inflation and the bond market while seeking to generate equity-like returns with bond-like volatility.¹
Potential diversifier for almost any portfolio due to its historically attractive risk/return profile, low beta relative to the S&P 500, and low correlation relative to the Lehman Aggregate Bond Index.

Average annual returns – Class A shares² as of 9/30/08
	1 yr.	5 yrs.	10 yrs.	Since 1/1/88*
Total return at NAV¹	-3.10%	5.93%	5.48%	8.52%
Total return with MSC²	-8.66	4.68	4.86	8.21
S&P 500 Index³	-21.98	5.17	3.06	10.22
Lehman Aggregate Bond Index⁴	3.65	3.78	5.20	7.31

* The Gateway Fund incepted in 1977 and changed its investment strategy to the current strategy in 1988.

Past performance does not guarantee future results. Performance data quoted represents past performance, and current returns may be higher or lower. Share price and return will vary, and you may have a gain or loss when you sell your shares. For performance information current to the most recent month-end, click here. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. Indexes are not actively managed. You may not invest directly in an index.

The gross expense ratio of 1.01% does not reflect any potential reimbursement/waiver of expenses as stated in the most recent fund prospectus. The net expense ratio of 0.94% reflects the reimbursement/waiver of expenses, if any, as stated in the most recent fund prospectus. Please Note: Fund expenses and expense reductions are subject to change. Expense reductions are contractual and are set to expire 04/30/10. Investors should consult the most recent fund prospectus for more detailed information.

Top five equity holdings

Information is as of 10/31/2008*
Exxon Mobil Corp.	5.54%
Chevron Corp., ADR	3.72%
AT & T, Inc.	2.32%
Microsoft Corp.	2.28%
Procter Gamble Co.	2.21%

* The portfolio is actively managed. The holdings are subject to change. There is no guarantee the fund continues to invest in the securities referenced.

View a complete list of holdings for this fund.⁷

Option portfolio statistics (as of 11/28/2008)

	Calls	Puts
% hedged with options	100%	50% - 65%
Weighted % of strike prices*	> 2.5% OTM	10% - 12.5% OTM
Days to expiration (weighted)	32	75
Weighted % of annualized cash flow	> 25%	n/a
Weighted % of annualized cost	n/a	5% - 7.5%

* How much an option contract's strike price is in-the-money (ITM) or out-of-the-money (OTM) is expressed as a percentage of the price of the option contract's underlying asset.

Portfolio managers

Managed by Gateway Investment Advisers

J. Patrick Rogers Paul R. Stewart Michael T. Buckius

The following information regarding this Fund is also available:

¹ Historically, the Gateway Fund has had a risk profile (based on standard deviation) similar to that of long-term bonds, and the overall bond market as measured by the Lehman Aggregate Index.
² The returns above include performance from the predecessor fund, which was reorganized to Class A shares on 2/19/08. The predecessor fund performance has been adjusted to reflect the sales loads of Class A shares. See the prospectus for more details. The fund�s total annual operating expenses have been under binding expense cap arrangements. The performance would have been lower without such reductions.
³ At NAV – does not reflect payment of sales charge at time of purchase.
⁴ With Maximum Sales Charge (MSC) – reflects maximum sales charge of 5.75% at time of purchase.
⁵ The S&P 500 is an unmanaged market-weighted index of 500 of the nation's largest stocks from a broad variety of industries. The S&P 500 represents about 80% of the total market value of all stocks on the New York Stock Exchange. Market-weighted means that component stocks are weighted according to the total value of their outstanding shares.
⁶ Lehman Aggregate Bond Index is an unmanaged index of domestic debt issued by the U.S. government, its agencies, and U.S. corporations.
⁷ Information for periods prior to February 19, 2008 is that of the predecessor Gateway Fund, which merged into Gateway Fund on February 15, 2008.

The effectiveness of the fund's index option-based risk management strategy may be reduced if the fund's equity portfolio does not correlate to the index underlying its option positions.

The fund may invest in foreign securities traded in U.S. markets, including through ADRs. Foreign securities are subject to foreign currency fluctuations, higher volatility than U.S. securities and limited liquidity. Political, economic and information risks are also associated with foreign securities. Investments in emerging markets may be subject to these risks to a greater extent than those in more developed markets.

The fund may invest in real estate investment trusts (REITs). REITs are subject to certain risks, particularly those risks associated with the real estate market and mortgage investing. These risks include fluctuating property values, changes in interest rates, property taxes and mortgage-related risks.

The value of the fund's positions in index options fluctuates in response to changes in the value of the underlying index. Selling index call options can reduce the risk of owning stocks, but it limits the opportunity to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option. The fund also risks losing all or part of the cash paid for purchasing index put options. Unusual market conditions or the lack of a ready market for any particular option at a specific time may reduce the effectiveness of the fund's option strategies, and for these and other reasons the fund's option strategies may not reduce the fund's volatility to the extent desired. From time to time, the fund may not own any put options, resulting in an increased exposure to a market decline. Accordingly, the purchase of fund shares should be viewed as a long-term investment. Time until expiration is the time remaining until an option contract expires.

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For more complete information, including a prospectus, please contact your financial advisor. You may also view a current prospectus online, order literature through our site, or contact an Investor Service Representative at 800-225-5478. Investors should consider a fund's objective, risks and expenses carefully before investing. This information, and other information, can be found in the fund's prospectus. Please read the prospectus carefully before investing. Other expenses, including sales charges, apply to a continued investment in the fund and are described in the fund's current prospectus.

The mutual funds referred to in this website are offered and sold only to persons who are eligible to purchase U.S. registered investment funds and are offered by prospectus only.